ME Group International (MEGP) Trading Update summary

Trading performance

• Group revenue rose 4.6% year-on-year in H1 2024, or 8.6% excluding FX impact, with profit before tax up 10.3% (13.6% excluding FX).

• Photobooth revenue increased 2.3% (7.4% excluding FX), supported by global demand for official photo ID.

• Wash.ME Revolution laundry revenue surged 17.4% (19.6% excluding FX), with an 18% increase in machines and a record 420 new installations.

• Integration of 3,548 acquired Japanese photobooths completed, benefiting from network optimisation.

• Expansion continues in high footfall locations, with a strong installation pipeline for the rest of FY 2024.

Financial position

• Maintains a strong financial position with high cash flow and long-term customer contracts.

• Gross cash at 30 April 2024 was £82.9 million, net cash £21.9 million, excluding £4.7 million in convertible bonds.

Outlook

• Second half of the year is typically the strongest for revenue, profit, and machine installations.

• Board expects to deliver record profitability for the year, in line with market expectations.

• Interim results for H1 2024 will be published in mid-July 2024.